Old age pension increases to $36,000 in budget 2024

— Public Assistance also increases to $19,000

Effective from January 2024, old age pension will be $36,000 per month placing a sum of $2.7 billion of additional disposable income in the hands of 76,000 senior citizens.

Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh announced this measure during his budget 2024 presentation in the National Assembly on Monday.

“We remain committed to improving the benefits received by our pensioner,” the minister emphasised.

Since resuming office in 2020, the PPP/C government has significantly increased pension from $20,500 to $33,00o last year, resulting in a 75 per cent increase to date.

In addition, the minister announced that NIS Pension will see a similar increase from $35,000 to $43,075 payable monthly resulting in a $2.6 billion transfer in disposable income benefiting over $27,000 persons.

Nis survivor benefit payable to 12,000 persons is now $21,537 a significant increase from $17,500 amounting to some $800 million in disposable income.

Invalidity pension will also see an increase from $35,000 to $43,045 an additional $24 million in disposable income in the hands of over 200 persons.

Persons ages 60 and up who have not met the minimal requirements of 750 contributions are now being provided the opportunity to receive a one-off cash settlement, depending on the year in which their last contribution was made and it must range from 700 to 749 to benefit.

This intervention will benefit over 3,800 persons at a sum of $550 million.

The minister said, “NIS remains committed to working diligently to resolving all pending claims.”

Meanwhile, the finance minister announced a significant increase in Public Assistance from $16,000 to $19,000 per month placing a sum of $1.2 billion in additional disposable income in the hands of over 35,000 vulnerable citizens across the country.

Similarly, the increase is effective from January 2024.

The minister said that the government since resuming office has “more than doubled” public assistance from $9,000 in 2020 to $16,000 last year. 

Further improving the overall livelihood of the country’s vulnerable citizens, all persons living with disabilities registered will automatically benefit from public assistance.